Question
A taxpayer cashes in a certificate of deposit early and incurs a penalty. Where is the penalty deducted from income? A) Interest penalties are nondeductible.
A taxpayer cashes in a certificate of deposit early and incurs a penalty. Where is the penalty deducted from income?
- A)
Interest penalties are nondeductible.
- B)
It can be deducted on Schedule A.
- C)
Line 30 of Schedule 1
- D)
Net against the interest on Line 8A of Form 1040.
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Company Accounting
Authors: Ken Leo, Jeffrey Knapp, Susan Mcgowan, John Sweeting, Leah Meng
12th Edition
0730382672, 9780730382676
